Volkswagen Shares Tank After News of Cheating on Emissions Tests

Volkswagen AG (OTCMKTS:VLKAY) shares plummeted, after news that the company rigged U.S. emissions tests became public.
According to the Financial Post:

Volkswagen shares lost almost a quarter of their value on Monday, their biggest ever one-day fall, after news that the German carmaker had rigged U.S. emissions tests, and Germany said it would investigate whether data had been falsified in Europe too.
The U.S. Environmental Protection Agency (EPA) said on Friday Europe’s biggest carmaker used software for diesel VW and Audi branded cars that deceived regulators measuring toxic emissions and could face penalties of up to US$18 billion.
Germany’s Economy Minister Sigmar Gabriel expressed concern over the impact of what he called “a bad case” on the country’s vital auto industry and he urged Volkswagen to fully clear up the allegations.
“You will understand that we are worried that the justifiably excellent reputation of the German car industry and in particular that of Volkswagen suffers,” Gabriel said.

Click here to read the full article on the Financial Post.